Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Practical Business Knowledge > Stratigic Managment > Flashcards

Stratigic Managment Flashcards

1
Q

What is strategic management?

A

The process of defining the strategy or direction of an organization and making decisions on allocating its resources to pursue this strategy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

True or False: Strategic management only focuses on long-term goals.

A

False

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Fill in the blank: The _______ analysis helps organizations identify their internal strengths and weaknesses.

A

SWOT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, Threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the primary purpose of a mission statement?

A

To define the organization’s purpose and primary objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Multiple Choice: Which of the following is NOT a component of strategic management?

A

A) Operational Planning B) Strategy Formulation C) Strategy Implementation D) Strategy Evaluation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is strategy formulation?

A

The process of creating strategies to achieve the organization’s goals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

True or False: Competitive advantage is achieved when a company can produce goods or services at a lower cost than its competitors.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is the role of strategic analysis in management?

A

To assess the external and internal environment to inform strategic decision-making.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Fill in the blank: The _______ model is used to analyze the competitive forces within an industry.

A

Porter’s Five Forces

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are Porter’s Five Forces?

A

Threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products, and industry rivalry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Multiple Choice: Which strategy focuses on becoming the lowest cost producer in the industry?

A

A) Differentiation B) Cost Leadership C) Focus D) Diversification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is strategic implementation?

A

The process of executing the chosen strategy and ensuring that the necessary resources are allocated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

True or False: Strategic evaluation is the last step in the strategic management process.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What does the balanced scorecard provide?

A

A framework for translating an organization’s strategic objectives into a set of performance measures.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Fill in the blank: A _______ strategy aims to target a specific market segment.

A

Focus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is the difference between strategic goals and tactical goals?

A

Strategic goals are long-term, while tactical goals are short-term and specific.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Multiple Choice: Which of the following is an example of a strategic decision?

A

A) Hiring new staff B) Expanding into a new market C) Purchasing office supplies D) Conducting employee training

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is a competitive strategy?

A

A long-term plan for achieving a competitive advantage in the marketplace.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

True or False: The PEST analysis focuses on external environmental factors.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What does PEST stand for?

A

Political, Economic, Social, Technological

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Fill in the blank: A _______ analysis is used to assess the external environment and industry trends.

A

PEST

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the purpose of scenario planning?

A

To prepare for uncertain future events by exploring different possible scenarios.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Multiple Choice: Which of the following is NOT a benefit of strategic management?

A

A) Improved resource allocation B) Enhanced competitive advantage C) Increased operational costs D) Better decision-making

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

What is a strategic alliance?

A

A formal agreement between two or more organizations to pursue a set of agreed-upon objectives while remaining independent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

True or False: Diversification is a strategy that involves entering new markets with new products.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Fill in the blank: In strategic management, _______ refers to the ability to maintain a competitive edge over rivals.

A

sustainability

28
Q

What is a key performance indicator (KPI)?

A

A measurable value that demonstrates how effectively a company is achieving key business objectives.

29
Q

Multiple Choice: Which of the following is an example of a quantitative KPI?

A

A) Customer satisfaction B) Net profit margin C) Employee engagement D) Brand awareness

30
Q

What is the role of leadership in strategic management?

A

To provide direction, inspire employees, and make key strategic decisions.

31
Q

True or False: Stakeholder analysis is not important in strategic management.

A

False

32
Q

What is the purpose of a competitive analysis?

A

To assess competitors’ strengths and weaknesses relative to your own company.

33
Q

Fill in the blank: The _______ framework assesses the internal capabilities of an organization.

A

VRIO

34
Q

What does VRIO stand for?

A

Value, Rarity, Imitability, Organization

35
Q

Multiple Choice: Which of the following is a component of the VRIO framework?

A

A) Value B) Cost C) Time D) Quality

36
Q

What is the role of a strategic manager?

A

To develop, implement, and evaluate strategies to achieve organizational goals.

37
Q

True or False: Strategy is static and does not change over time.

A

False

38
Q

Fill in the blank: A _______ strategy focuses on differentiating products or services from competitors.

A

differentiation

39
Q

What is the purpose of benchmarking?

A

To compare business processes and performance metrics to industry bests or best practices.

40
Q

Multiple Choice: Which of the following is a common method of strategy evaluation?

A

A) SWOT Analysis B) Market Research C) Employee Surveys D) Financial Forecasting

41
Q

What is the significance of corporate social responsibility (CSR) in strategic management?

A

To ensure that the organization’s operations are ethical and beneficial to society.

42
Q

True or False: Strategic management is only relevant for large corporations.

A

False

43
Q

Fill in the blank: The _______ approach emphasizes the importance of adapting to changes in the external environment.

A

contingency

44
Q

What is the role of innovation in strategic management?

A

To enable organizations to develop new products, services, or processes that can provide a competitive advantage.

45
Q

Multiple Choice: Which of the following is a risk of not having a strategic plan?

A

A) Unclear direction B) Increased profitability C) Higher employee morale D) Better resource management

46
Q

What is the purpose of a strategic plan?

A

To outline the organization’s strategy and how resources will be allocated to achieve goals.

47
Q

True or False: All organizations require the same strategic management approach.

A

False

48
Q

Fill in the blank: _______ analysis is used to identify opportunities and threats in the external environment.

A

Environmental

49
Q

What is a strategic objective?

A

A specific goal that is designed to contribute to the achievement of a strategic plan.

50
Q

Multiple Choice: Which of the following is an example of a strategic objective?

A

A) Increase sales by 10% B) Improve customer service C) Hire new staff D) Reduce costs

51
Q

What is a business model?

A

A plan for how a company creates, delivers, and captures value.

52
Q

True or False: A strong organizational culture can support the effective implementation of strategy.

A

True

53
Q

Fill in the blank: _______ management involves the alignment of business strategies with IT strategies.

A

IT

54
Q

What is change management?

A

The process of managing the transition or transformation of an organization’s goals, processes, or technologies.

55
Q

Multiple Choice: Which of the following is NOT a key element of strategic management?

A

A) Vision B) Mission C) Marketing Plan D) Goals

56
Q

What is the importance of stakeholder engagement in strategic management?

A

To ensure that the interests and concerns of all relevant parties are considered in decision-making.

57
Q

True or False: Strategic management is a one-time process.

A

False

58
Q

Fill in the blank: _______ planning involves setting long-term goals and determining the best approach to achieve them.

A

Strategic

59
Q

What is the role of data analysis in strategic management?

A

To inform decision-making by providing insights from data regarding market trends and performance.

60
Q

Multiple Choice: Which of the following frameworks is used for strategic planning?

A

A) BCG Matrix B) PEST Analysis C) SWOT Analysis D) All of the above

61
Q

What is the purpose of a vision statement?

A

To describe the desired long-term future state of the organization.

62
Q

True or False: The strategic management process is linear and does not require feedback.

A

False

63
Q

Fill in the blank: The _______ model identifies four key areas of business: Marketing, Operations, Finance, and Human Resources.

A

McKinsey 7S

64
Q

What is market segmentation?

A

The process of dividing a target market into smaller, more defined categories.

65
Q

Multiple Choice: Which of the following is a benefit of effective strategic management?

A

A) Increased uncertainty B) Improved performance C) Higher costs D) Reduced market share

66
Q

What is the significance of financial analysis in strategic management?

A

To evaluate the financial health of the organization and inform strategic decisions.

67
Q

True or False: Strategic management does not consider market conditions.

A

False

Practical Business Knowledge (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions